- Advanced Emissions Solutions reported strong financial results in 2016, with distributions from its Refined Coal business exceeding expectations. - Net income increased significantly due to higher earnings from equity investments in Refined Coal facilities and a $61 million deferred tax asset valuation allowance release. - The company continued executing equipment contracts while minimizing costs in its Emissions Control business and growing chemical revenues through technology testing.

1. EVENT TITLE
Q416 Earnings Call
© 2017 Advanced Emissions Solutions, Inc.
All rights reserved. Confidential and Proprietary.
March 14, 2017

2. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary.
Safe Harbor
This presentation includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which provides a "safe
harbor" for such statements in certain circumstances. The forward-looking statements include statements or expectations regarding future growth,
strategic review of alternatives for our Emissions Control (“EC”) business, amount and timing of production of Refined Coal (“RC”), Tinuum Group, LLC
and Tinuum Services, LLC cash flow and ability to make distributions and Tinuum Group’s ability to lease or sell remaining RC facilities; future revenues,
expenses, cash flow, liquidity, and other financial and accounting measures; our ability to commercialize EC products and intellectual property;
expectations about the timing and amount of future dividend payments; returning value to stockholders; and related matters. These statements are
based on current expectations, estimates, projections, beliefs and assumptions of our management. Such statements involve significant risks and
uncertainties. Actual events or results could differ materially from those discussed in the forward-looking statements as a result of various factors,
including but not limited to, changes and timing in laws, regulations, IRS interpretations or guidance, accounting rules and any pending court decisions,
legal challenges to or repeal of them; changes in prices, economic conditions and market demand; the ability of the RC facilities to produce coal that
qualifies for tax credits; the timing, terms and changes in contracts for RC facilities, or failure to lease or sell RC facilities; impact of competition;
availability, cost of and demand for alternative tax credit vehicles and other technologies; technical, start-up and operational difficulties; availability of raw
materials; loss of key personnel; the value of our products, technologies and intellectual property to customers and strategic investors; intellectual
property infringement claims from third parties; the outcome of pending litigation; seasonality and other factors discussed in greater detail in our filings
with the SEC. You are cautioned not to place undue reliance on such statements and to consult our SEC filings for additional risks and uncertainties that
may apply to our business and the ownership of our securities. Our forward-looking statements are presented as of the date made, and we disclaim any
duty to update such statements unless required by law to do so.
-2-

3. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -3-
2016 Strategic Priorities
▪ Made very strong progress against nearly all of our strategic priorities that we outlined on the 2015
10-K conference call
▪ Looking ahead, we will continue to focus on obtaining new tax equity investors while further
enhancing the profile of the business through the execution of our 2017 strategies

4. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -4-
2016 Highlights
▪ Distributions from the Refined Coal (“RC”) business exceeded our initial expectations, as Q4’16
was third highest in our history
▪ Tinuum completed leasing 3 RC facilities and selling our RCM6 investment during the year
▪ Tinuum distributions to ADES were $46.2 million for full year 2016
▪ Future expected aggregate rent payments from RC facilities were $590 million through 2021 as of December 31,
2016
▪ Expects to close on new lease with existing investor for an additional RC facility by end of first quarter
▪ Emissions Control (“EC”) business continued execution on equipment contracts and
commercialization of chemical technologies, while minimizing costs associated with business
▪ Reduced general and administrative operating costs and drove higher positive operating income during the period
▪ Completed significant portion of equipment obligations, recognizing equipment revenues of $46.9 million with
remaining total backlog of $49.5 million
▪ Proving business model through numerous tests at various utilities, resulting in $2.1 million and 241% increase in
chemical revenues
▪ Increased cash balance by $5.6 million since September 30, 2016
▪ Paid off Credit Agreement and sold equity investment in RCM6, which eliminated debt and note payable obligations

5. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary.
Financial data highlights: (in thousands)
Years ended December 31,
2016 2015 2014
Revenues $ 50,622 $ 62,739 $ 16,923
Cost of revenues, exclusive of depreciation and amortization $ 39,817 $ 47,552 $ 11,620
Other operating expenses $ 26,903 $ 56,987 $ 47,117
Earnings from equity method investments $ 45,584 $ 8,921 $ 42,712
Royalties, related party $ 6,125 $ 10,642 $ 6,410
Other income (expenses), net $ 1,129 $ (7,884) $ (5,625)
Income tax (benefit) expense $ (60,938) $ 20 $ 296
Net income (loss) $ 97,678 $ (30,141) $ 1,387
Financial data highlights: (in thousands)
As of December 31,
2016 2015
Cash and cash equivalents $ 13,208 $ 9,265
Restricted cash, current and long-term $ 13,736 $ 11,708
Deferred tax assets, net $ 61,396 $ —
Short-term borrowings and notes payable, related party, current and long-term $ — $ 28,025
-5-
Financial Review
▪ Revenues during 2016 were primarily due to completion of EC equipment contracts but also benefited from the growth in chemical sales
▪ Other Operating Expenses ("G&A"), declined by 53% in 2016 compared to 2015
▪ Earnings from RC equity investments increased substantially year-over-year due to Tinuum Group no longer having material operations of retained RC facilities
▪ Royalties from Tinuum were down primarily as a result of the suspension of operations for certain retained RC facilities
▪ Net income increased, primarily driven by equity income recognition from the RC business (see footnote 7 of the December 31, 2016 Annual Report on Form 10-K), expense
reductions due to restructuring and business alignment activities and the deferred tax asset valuation allowance release of $61.4 million
▪ Cash increased principally as a result of distributions from Tinuum and decreased operating costs and the elimination of debt
▪ Deferred tax asset valuation allowance decrease of $72.4 million due to the 2016 utilization of $11.0 million and fourth quarter release of $61.4 million of our previously
recorded deferred tax asset valuation allowance

6. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary.
Financial data highlights: (in thousands)
For the Quarter Ended
December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016
Revenues $ 3,604 $ 15,710 $ 8,951 $ 22,357
Cost of revenues, exclusive of operating expenses shown below 3,478 13,259 5,769 17,311
Other operating expenses 5,388 5,364 7,794 8,357
Earnings from equity method investments 15,518 10,735 13,754 5,577
Royalties, related party 2,203 2,064 669 1,189
Other income (expenses), net 1,698 309 (1,852) 974
Income tax (benefit) expense (61,673) 583 99 53
Net income $ 75,830 $ 9,612 $ 7,860 $ 4,376
-6-
Quarterly Financial Review - 2015 and 2016
▪ Revenues during the fourth quarter of 2016 were primarily due to completion of EC equipment contracts but also benefited from the growth in chemical sales
▪ Other Operating Expenses ("G&A") in the fourth quarter declined by 59% year-over-year
▪ Earnings from RC equity investments tripled during the quarter compared to last year's period due to Tinuum Group no longer having material operations of
retained RC facilities
▪ Royalties from Tinuum were down slightly during the quarter, primarily as a result of the suspension of operations for certain retained RC facilities and the
impact of reduced RC royalty tonnage and royalty earnings per ton
▪ Deferred tax asset valuation allowance decrease of $61.4 million of our previously recorded deferred tax asset valuation allowance in the fourth quarter
Financial data highlights: (in thousands)
For the Quarter Ended
December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015
Revenues $ 13,202 $ 12,885 $ 14,895 $ 21,757
Cost of revenues, exclusive of operating expenses shown below 7,224 10,610 14,003 15,715
Other operating expenses 13,113 12,264 18,670 12,940
Earnings (loss) from equity method investments 3,788 (41) 4,860 314
Royalties, related party 2,876 3,273 2,299 2,194
Other expenses, net (2,568) (1,853) (1,765) (1,698)
Income tax (benefit) expense (131) 44 63 44
Net loss $ (2,908) $ (8,654) $ (12,447) $ (6,132)

7. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -7-
Select Components of Net Income (Loss)
Select Components of Net Income (Loss)
(In thousands)
Years ended December 31,
2016 2015 2014
Consolidated Net Income (Loss) $ 97,678 $ (30,141) $ 1,387
RC Segment Operating income $ 51,264 $ 12,131 $ 42,094
EC Segment Operating income (loss) 7,334 (7,583) (13,348)
Segment income 58,598 4,548 28,746
Corporate and other adjustments to reconcile to net income (loss)
attributable to ADES 39,080 (34,689) (27,359)
Consolidated Net Income (Loss) $ 97,678 $ (30,141) $ 1,387
▪ Overview of components of the consolidated net income (loss)
Select Components of Net Income (Loss) (1)
(In thousands)
Years ended December 31,
2016 2015 2014
Non-cash items, as disclosed (or derived) on the Consolidated
Statements of Cash Flows $ 58,395 $ (9,064) $ (13,676)
Restructuring expense, exclusive of stock-based compensation,
included in non-cash items above $ (1,136) $ (6,929) $ (2,544)
Research and development expense, net $ 648 $ (5,362) $ (1,521)
Restatement expense $ (2,005) $ (9,469) $ (6,149)
Corporate interest (expense) income, net $ (2,334) $ 24 $ 74
SEC Inquiry expense $ (500) $ — $ —
▪ Select components impacting the consolidated results
(1) See Appendix A for additional details

8. Refined Coal

9. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -9-
RC Facilities Today and Tomorrow
POTENTIAL
28 RC facilities
(~100 MT/year)
8 RC facilities - installed
(29.6 MT/year)
2017 2021RC Facility information as of December 31, 2016
13 RC facilities leased/sold
(41.4 MT/year)
Operating(1)
Not Operating(2)
3 RC facilities - identified
(12.3 MT/year)
Full-time Operations Roadmap
(1) All tonnage based on trailing 12 months (TTM) as of December 31, 2016 based on actual tonnage burned
(2) Non operating tonnage is per US Energy Information Administration – TTM ended December 31, 2016
4 RC facilities - unidentified

10. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -10-
Refined Coal: Components of Earnings
Components of RC Segment Earnings
(In thousands)
Years ended December 31,
2016 2015 2014
RC Segment Revenues
Tinuum Group $ 41,650 $ 8,651 $ 43,584
Tinuum Services 4,491 4,838 3,625
RCM6 (557) (4,568) (4,497)
Total equity method revenue 45,584 8,921 42,712
Consulting — 55 665
Royalties, related party 6,125 10,642 6,410
Total RC Segment Revenues $ 51,709 $ 19,618 $ 49,787
RC Segment Operating Income $ 51,264 $ 12,131 $ 42,094
Significant components of RC segment expenses and other
income:
453A interest $ 2,490 $ 4,639 $ 3,371
RCM6 note payable interest expense, related party $ 263 $ 2,468 $ 2,245
RCM6 gain on sale $ 2,078 $ — $ —
▪ Earnings from RC equity investments increased substantially year-over-year due to Tinuum Group no longer having material operations of
retained RC facilities
▪ Royalties from Tinuum were down primarily as a result of the suspension of operations for certain retained RC facilities recorded deferred tax
asset valuation allowance

11. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -11-
Operating Tons: Invested vs. Retained
Note: Numbers within bar graph and the "Count" row within the tables represent the number of facilities per category as of the end of each quarter presented.
(1) Tonnage information is based upon RC production for the three and twelve months ended December 31, 2016 (in thousands)
16
14
12
10
8
6
4
2
0
Tonnage(MM)
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
Three Months
Ended December
31, 2016
Invested Retained QTD - Total
Year ended
December 31,
2016
Invested Retained YTD - Total
Tonnage (1) 10,068 15 10,083 Tonnage (1) 41,628 890 42,518
Count (#) 13 — 13 Count (#) 13 — 13
3
3
9 9
10
12 11
12
12
12 13 13
4
6
5 7 5
5
5
0
13 13

12. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -12-
Operating Tons: Royalty vs. Non-Royalty
Note: Numbers within bar graph and the "Count" row represent the number of facilities per category that operated during each period presented.
(1) Tonnage information is based upon RC production for the three and twelve months ended December 31, 2016 (in thousands)
(2) Counts are based upon the number of facilities of which a royalty has been earned during the period
16
14
12
10
8
6
4
2
0
Tonnage(MM)
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
Three Months
Ended December
31, 2016
Operating Tons
QTD - Total
Year ended
December 31,
2016
Operating Tons
YTD - Total
Royalty Non-Royalty Royalty Non-Royalty
Tonnage(1) 4,014 6,069 10,083 Tonnage(1) 16,172 26,346 42,518
Count (#) (2) 7 6 13 Count (#) (2) 8 7 15
3
9
9
10
11 8
6
8
7 5
6
4
6
6
10
11
9
10
8
7
7
6
7
6

13. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -13-
Future Rent Payments – Tinuum Group
Invested Facilities
▪ As of December 31, 2016, remaining payments to all Tinuum
Group members from Tinuum Group’s current RC facilities leased
or sold to tax equity investors are expected to be an aggregate of
~$590 million from 2017 through 2021; assuming no
modifications of contracts, delay in anticipated payments, non-
renewals or early terminations
▪ Under those same assumptions, after applicable deductions
related to Tinuum Group operating and general and
administrative expenses, and taking ADES’ 42.5% interest in
those distributions, ADES's expected distributions would be
roughly $10 million - $12 million per quarter on average
▪ The projections are based on the following four key assumptions:
1) Tinuum Group continues to not operate retained facilities; 2)
Tinuum Group does not have material CapEx or unusual
operating expenses; 3) tax equity lease renewals are not
modified; 4) coal-fired generation remains consistent
▪ Rollforward of Tinuum Group Expected Payment from September
30, 2016:
Tinuum Group Expected Payments
as of December 31, 2016
(in millions)
2017 $ 116
2018 130
2019 134
2020 123
2021 and thereafter 87
$ 590
Note: ADES receives 42.5% of these amounts, after
applicable deductions related to Tinuum Group operating,
general and administrative and Class B preferred return
expenses
(1) Change in estimated payments due to change in dispatch from coal to
natural gas for a single unit at one utility
Tinuum Group Expected Payments
Rollforward (in millions)
Balance, September 30, 2016 $ 648
Rent payments (32)
Changes in estimates (1) (26)
$ 590

14. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -14-
Non-Operating Tons(4): Potential Future Tonnage
to Tinuum Group
Note: Numbers within bar graph represent the number of facilities per category as of the end of each quarter presented.
(1) Based on actual tonnage produced
(2) Tonnage information is based upon RC production for the three and twelve months ended December 31, 2016 (in thousands)
(3) Unidentified facilities potential tonnage is estimated to be 4 million per facility on an annual basis
(4) Non-operating tonnage is per US Energy Information Administration - TTM ended December 31, 2016 (in thousands)
16
14
12
10
8
6
4
2
0
Tonnage(MM)
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
Three Months
Ended December
31, 2016
Non-Operating
QTD - Total
Identified Unidentified Construction Installed
Tonnage(2) (3) 3,103 4,000 — 7,371 14,474
Count (#) 3 4 — 8 15
9
1
6
5
5
3
3
5
5
1
9
3
10
3
(1)(1)(1) (1)(1) (1)
Year ended
December 31,
2016
Non-Operating
YTD - Total
Identified Unidentified Construction Installed
Tonnage(2) (3) 12,343 13,000 — 31,688 57,031
Count (#) 3 4 — 8 15
32
4
3
8
(1)
4
3
8
(1)

15. Emissions Control

16. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -16-
Emissions Control: Transformation
▪ Narrowed focus on recurring, repeatable business backed by strong technology and know-how
Prior Focus: Broad & Bulky
Large Equipment Sales
One-Time Purchases
Capital Intensive
Low Margin
2017 Forward: Lean & Focused
Consumable Chemicals
Recurring Revenue Model
Patented Technologies
High Margin

17. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -17-
Emissions Control: Chemicals Opportunity
▪ U.S. coal fired power utilities continue to pursue low cost mercury control solutions to ensure long-
term viability
▪ Patented chemical technologies provide a cost effective alternative to other halogen-based chemicals
used to enhance mercury removal and reduce mercury emissions
▪ Typical annual recurring deal size ranges between $0.2 million to $0.4 million per unit
▪ During 2017, we expect to increase our existing chemical technology revenues through increased
ongoing sales to existing customers and customer conversions from field testing to recurring sales
(1) (1)
(1) Total Chemical Market estimated annual revenues based on the Company's internal estimates from current products for the mercury control consumables market
~$100M~$100M

18. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -18-
Emissions Control: Future Focus
▪ We also plan to perform assessments requiring minimal capital related to technology and
commercial feasibility related to multiple potential complimentary products to our existing
mercury control chemical technologies
▪ Evaluate dynamic and fragmented fossil fuel power market in the U.S. or the broader energy
market to potentially provide partnership or M&A opportunities aligned with the following
criteria:
▪ EBITDA positive
▪ Enable tax asset monetization
▪ Revenue and expense synergies
▪ Disciplined approach to ensure accretive shareholder value is provided

19. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -19-
Emissions Control: Components of Earnings
Components of EC Segment Earnings
(In thousands)
Years ended December 31,
2016 2015 2014
EC Segment Revenues
Equipment sales $ 46,949 $ 60,099 $ 12,044
Chemicals 3,025 888 391
Consulting services 648 1,697 3,823
Total EC Segment Revenues $ 50,622 $ 62,684 $ 16,258
EC Segment Operating Income (Loss) $ 7,334 $ (7,583) $ (13,348)
Significant components of EC segment expenses
and other income:
Equipment cost of revenue, exclusive of D&A $ 37,741 $ 45,433 $ 9,277
Chemical cost of revenue, exclusive of D&A $ 1,700 $ 601 $ 140
Consulting services cost of revenue, exclusive of
D&A $ 376 $ 1,518 $ 2,203
Payroll and benefits $ 2,896 $ 9,853 $ 8,147
Legal and professional fees $ 76 $ 2,677 $ 78
Research and development expense, net $ (648) $ 5,362 $ 1,521
Impairment of cost method investment $ 1,760 $ — $ —
DSI business owner gain on settlement $ (869) $ — $ —
Lease termination gain $ (900) $ — $ —

20. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -20-
Corporate and Other: Summary
Adjustments to reconcile to net loss attributable to
ADES
(In thousands)
Years ended December 31,
2016 2015 2014
RC segment operating income $ 51,264 $ 12,131 $ 42,094
EC segment operating income (loss) 7,334 (7,583) (13,348)
Total reported segment operating income 58,598 4,548 28,746
Adjustments to reconcile to net income (loss)
attributable to the Company
Corporate payroll and benefits (9,415) (14,842) (12,621)
Corporate rent and occupancy (1,187) (707) (694)
Corporate legal and professional fees (8,230) (15,199) (9,514)
Corporate general and administrative (3,811) (3,640) (3,980)
Corporate depreciation and amortization (608) (578) (354)
Corporate interest (expense) income, net (1) (2,334) 24 74
Other income (expense), net 3,727 273 26
Income tax benefit (expense) 60,938 (20) (296)
Net income (loss) $ 97,678 $ (30,141) $ 1,387
▪ Reduction in corporate payroll and benefits in connection with restructuring actions taken during the latter half of 2015 and during the second and third quarters of 2016;
included within these costs are payroll related restructuring charges of $0.6 million and $1.9 million during the years ended December 31, 2016 and 2015, respectively
▪ Legal and professional fees decreased, most significantly due to the completion of the most material aspects of the Restatement process during the first quarter of 2016;
Restatement expenses were $2.0 million and $9.5 million during the years ended December 31, 2016 and 2015, respectively
▪ During the second quarter of 2016, the Company reached an agreement in principle for the SEC Inquiry. The Company recorded an accrual of $0.5 million related to the SEC
Inquiry
▪ Other income (expense), net increased, most significantly due to the revision of the estimated litigation settlement and royalty indemnity expense by $3.5 million during the year
ended December 31, 2016
(1) The Credit Agreement, discussed in Note 14 of the Consolidated Financial Statements included in the 2016 Form 10-K filing was paid off on June 30, 2016

21. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -21-
Corporate and EC Expected Cost Basis
(In thousands)
Years ended December 31,
2014 2015 2016
Estimated
2017 Low
End of Range
(1)
Estimated
2017 High
End of Range
(1)
Payroll and benefits $ 20,767 $ 23,589 $ 12,390
Rent and occupancy 2,468 3,309 2,168
Legal and professional fees 14,430 16,604 8,293
General and administrative 6,066 6,104 3,721
Research and development, net 1,521 5,362 (648)
Depreciation and amortization 1,865 2,019 979
Total expected cost basis $ 47,117 $ 56,987 $ 26,903 $ 15,000 $ 17,000
Less: non-cash expenses
Share-based compensation expense (4,712) (6,879) (2,868)
Depreciation and amortization (1,865) (2,019) (979)
Total cash based expected cost basis $ 40,540 $ 48,089 $ 23,056 $ 13,000 $ 15,000
▪ Reduction in EC and corporate payroll and benefits in connection with restructuring actions taken during the latter half of 2015 and during the first and second
quarters of 2016; included within these costs are payroll related restructuring charges of $1.6 million and $10.4 million during the years ended December 31,
2016 and 2015, respectively
▪ Legal and professional fees decreased, most significantly due to the completion of the most material aspects of the Restatement process during the first half of
2016; Restatement expenses were $2.0 million and $9.5 million during the years ended December 31, 2016 and 2015, respectively
▪ 2017 range estimated based upon full year realization of prior period expense reductions and reorganization of workforce
(1) Estimated 2017 range does not include one-time expenses that could be incurred.

22. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -22-
Tinuum Group and ADES: Cash Flow
Cash Flow Update
(In thousands)
Years ended December 31,
2016 2015 2014
Tinuum Group
Tinuum Group cash, beginning of year $ 6,183 $ 3,870 $ 11,663
Cash provided by (used in):
Operating activities 79,723 37,750 83,633
Investing activities (2,846) (30,061) (9,789)
Financing activities (72,163) (5,376) (81,637)
Net change in cash 4,714 2,313 (7,793)
Tinuum Group cash, end of year $ 10,897 $ 6,183 $ 3,870
Distributions to ADES $ 46,150 $ 13,670 $ 46,093
ADES
Cash and cash equivalents and restricted cash, beginning of year $ 20,973 $ 36,479 $ 45,557
Cash provided by (used in):
Operating activities (18,257) (29,869) (40,161)
Investing activities 39,899 4,334 32,648
Financing activities (15,671) 10,029 (1,565)
Net change in cash and cash equivalents and restricted cash 5,971 (15,506) (9,078)
Cash and cash equivalents and restricted cash, end of year $ 26,944 $ 20,973 $ 36,479
▪ Cash and cash equivalents balance increased from $9.3 million as of December 31, 2015 to $13.2 million as of December 31, 2016
▪ Increase primarily due to distributions from Tinuum of $46.2 million and the release of restricted cash for equipment contracts
▪ Offset by debt service payments on our Credit Agreement and notes payable, fees incurred to extend the maturity of our Credit
Agreement, the payoff of our Credit Agreement on June 30, 2016, delivering on our existing contracts and customer commitments and
continued professional fees related to our Restatement activities and becoming current with our 2015 regulatory filings
Note: ADES owns 42.5% of Tinuum Group and accounts for its investment under the equity method of accounting

23. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -23-
2017 Priorities
▪ Increase number of RC facilities with tax equity investors
▪ Complete remaining EC equipment businesses using more asset light business model, on time and on
schedule
▪ Capture increased share of the $100 million chemical technologies opportunity
▪ Further evaluate commercial feasibility of other complementary patented technologies to expand our
market opportunities
▪ Evaluate dynamic and fragmented fossil fuel power market in the U.S. or the broader energy market to
potentially provide partnership or M&A opportunities
▪ Distribution of value to stockholders in the form of an expected recurring quarterly dividend of $0.25 per
share, expected to commence in the 2nd quarter of 2017 upon declaration by our Board.
Potential M&A Criteria
Revenue Synergies Positive EBITDA
Expense Synergies Accretive

24. Appendix

25. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -25-
Appendix A: Supplemental Disclosure ADES Select Cash and Non-cash
Components of the years ended December 31, 2016, 2015 and 2014 Net
Income (Loss)
(in thousands) Years Ended December 31,
Ref. 2016 Ref. 2015 2014
Net Income (Loss) (1) $ 97,678 (1) $ (30,141) (1) $ 1,387
RC segment operating income (2) 51,264 (2) 12,131 (2) 42,094
EC Segment income (loss) (2) 7,334 (2) (7,583) (2) (13,348)
(2) 58,598 (2) 4,548 (2) 28,746
Corporate and other adjustments to reconcile to net income (loss) attributable to ADES (2) 39,080 (2) (34,689) (2) (27,359)
Total of Select Components of Net Income (Loss) (2) 97,678 (2) (30,141) (2) 1,387
Non-Cash Items:
Deferred tax asset valuation allowance (3) 61,396 (3) — (3) —
Depreciation and Amortization (3) (979) (3) (2,019) (3) (1,865)
Amortization of debt discount/issuance costs (3) (1,152) (3) (987) (3) (100)
Debt prepayment penalty (3) (228) (3) — (3) —
Gain on settlement of note payable, licensed technology and sales type lease (3) 1,910 (3) — (3) —
Impairment of property, equipment, inventory and intangibles (3) (520) (3) (2,087) (3) (355)
Provision for bad debt expense and note receivable (3) (13) (3) (633) (3) (500)
Interest Costs Added to Principal Balance of Notes Payable (3) — (3) (923) (3) (1,124)
Share-Based Compensation Expense (3) (2,868) (3) (6,879) (3) (4,712)
Non-cash portion of earnings from equity method investments (6) 566 (6) 4,749 (6) (3,381)
Gain on sale of equity method investment (3) 2,078 (3) — (3) —
Impairment of cost method investment (3) (1,760) (3) — (3) —
Other (3) (35) (3) (285) (3) (1,639)
Total Non-Cash Items 58,395 (9,064) (13,676)
Significant Cash Items:
Restructuring Expenses (net of non-cash charges) (4) (1,559) (4) (10,360) (4) (3,503)
Less non-cash Share Based Compensation (4) 423 (4) 3,431 (4) 959
Restructuring Expenses--Cash (1,136) (6,929) (2,544)
Research and Development Expenses (excluding non-cash impairment charges) (1) 648 (1) (5,362) (1) (1,521)
Restatement Expenses (5) 2,005 (5) 9,469 (5) 6,149
Footnotes :
(1) Agrees to ADES Consolidated Statement of
Operations in the 2016 Form 10-K filing
(2) Agrees to ADES Note 17 in the 2016 Form 10-K
filing
(3) Agrees to or totaled from ADES Consolidated
Statement of Cash Flows in the 2016 Form 10-K filing
(4) Agrees to ADES Note 2 in the 2016 Form 10-K
filing
(5) Agrees to ADES "Management Discussion and
Analysis" in Item 7 in the 2016 Form 10-K filing
(6) Derived from ADES Note 7 in the 2016 Form 10-K
filing

26. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -26-
Appendix B: 10-K Balance Sheet(1)
(1) See complete, Consolidated Financial Statements
and Notes related thereto within the Annual Report on
Form 10-K for the year ended December 31, 2016.
As of December 31,
(in thousands, except share data) 2016 2015
ASSETS
Current assets:
Cash and cash equivalents $ 13,208 $ 9,265
Restricted cash 13,736 728
Receivables, net 8,648 8,361
Receivables, related parties, net 1,934 1,918
Costs in excess of billings on uncompleted contracts 25 2,137
Prepaid expenses and other assets 1,357 2,306
Total current assets 38,908 24,715
Restricted cash, long-term — 10,980
Property and equipment, net of accumulated depreciation of $2,920 and $4,557 735 2,040
Investment securities, restricted, long-term — 336
Cost method investment 1,016 2,776
Equity method investments 3,959 17,232
Deferred tax assets 61,396 —
Other assets 1,282 2,696
Total Assets $ 107,296 $ 60,775
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable $ 1,920 $ 6,174
Accrued payroll and related liabilities 2,121 5,800
Current portion of notes payable, related parties — 1,837
Billings in excess of costs on uncompleted contracts 4,947 9,708
Short-term borrowings, net of discount and deferred loan costs, related party — 12,676
Legal settlements and accruals 10,706 6,502
Other current liabilities 4,017 7,395
Total current liabilities 23,711 50,092
Long-term portion of notes payable, related parties — 13,512
Legal settlements and accruals, long-term 5,382 13,797
Other long-term liabilities 2,038 8,352
Total Liabilities 31,131 85,753
Commitments and contingencies (Note 14)
Stockholders’ equity (deficit):
Preferred stock: par value of $.001 per share, 50,000,000 shares authorized, none outstanding — —
Common stock: par value of $.001 per share, 100,000,000 shares authorized, 22,322,022 and
21,943,872 shares issued and 22,024,675 and 21,809,164 shares outstanding at December 31,
2016 and 2015, respectively 22 22
Additional paid-in capital 119,494 116,029
Accumulated deficit (43,351) (141,029)
Total stockholders’ equity (deficit) 76,165 (24,978)
Total Liabilities and Stockholders’ Equity (Deficit) $ 107,296 $ 60,775

27. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -27-
Appendix C: 10-K Income Statement(1)
(1) See complete, Consolidated Financial
Statements and Notes related thereto within the
Annual Report on Form 10-K for the year ended
December 31, 2016.
Years Ended December 31,
(in thousands, except per share data) 2016 2015 2014
Revenues:
Equipment sales $ 46,949 $ 60,099 $ 12,044
Chemicals 3,025 888 391
Consulting services and other 648 1,752 4,488
Total revenues 50,622 62,739 16,923
Operating expenses:
Equipment sales cost of revenue, exclusive of depreciation and amortization 37,741 45,433 9,277
Chemicals cost of revenue, exclusive of depreciation and amortization 1,700 601 140
Consulting services and other cost of revenue, exclusive of depreciation and amortization 376 1,518 2,203
Payroll and benefits 12,390 23,589 20,767
Rent and occupancy 2,168 3,309 2,468
Legal and professional fees 8,293 16,604 14,430
General and administrative 3,721 6,104 6,066
Research and development, net (648) 5,362 1,521
Depreciation and amortization 979 2,019 1,865
Total operating expenses 66,720 104,539 58,737
Operating loss (16,098) (41,800) (41,814)
Other income (expense):
Earnings from equity method investments 45,584 8,921 42,712
Royalties, related party 6,125 10,642 6,410
Interest income 268 24 74
Interest expense (5,066) (8,402) (5,725)
Litigation settlement and royalty indemnity expense, net 3,464 — —
Other 2,463 494 26
Total other income 52,838 11,679 43,497
Income (loss) before income tax expense 36,740 (30,121) 1,683
Income tax (benefit) expense (60,938) 20 296
Net income (loss) $ 97,678 $ (30,141) $ 1,387
Earnings (loss) per common share (Note 1):
Basic $ 4.40 $ (1.37) $ 0.06
Diluted $ 4.34 $ (1.37) $ 0.06
Weighted-average number of common shares outstanding:
Basic 21,931 21,773 21,554
Diluted 22,234 21,773 22,079

28. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -28-
Appendix D: 10-K Cash Flow(1)
(1) See complete, Consolidated
Financial Statements and Notes
related thereto within the Annual
Report on Form 10-K for the year
ended December 31, 2016.
Years Ended December 31,
(in thousands) 2016 2015 2014
Cash flows from operating activities
Net income (loss) $ 97,678 $ (30,141) $ 1,387
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Deferred tax benefit (61,396) — —
Depreciation and amortization 979 2,019 1,865
Amortization of debt issuance costs 1,152 987 100
Debt prepayment penalty 228 — —
Impairment of property, equipment, inventory and intangibles 520 2,087 355
Provision for bad debt expense and note receivable 13 633 500
Interest costs added to principal balance of notes payable — 923 1,124
Consulting expense financed through note payable — — 1,600
Share-based compensation expense 2,868 7,204 4,712
Clawback of equity awards — (325) —
Earnings from equity method investments (45,584) (8,921) (42,712)
Gain on sale of equity method investment (2,078) — —
Impairment of cost method investment 1,760 — —
Gain on settlement of note payable, licensed technology, and sales-type lease (1,910) — —
Other non-cash items, net 35 285 39
Changes in operating assets and liabilities, net of effects of acquired businesses:
Receivables (301) 8,361 (3,651)
Related party receivables (16) (479) (809)
Prepaid expenses and other assets 1,195 (107) (1,877)
Costs incurred on uncompleted contracts 29,623 6,492 (56,606)
Other long-term assets 961 205 (47)
Accounts payable (4,254) (1,340) 2,328
Accrued payroll and related liabilities (2,887) (102) 686
Other current liabilities (3,105) (812) (672)
Billings on uncompleted contracts (32,272) (15,186) 55,621
Advance deposit, related party (2,980) (3,544) (2,135)
Other long-term liabilities (2,175) 595 144
Legal settlements and accruals (4,211) (3,722) (4,622)
Distributions from equity method investees, return on investment 7,900 5,019 2,509
Net cash used in operating activities (18,257) (29,869) (40,161)

29. © 2017 Advanced Emissions Solutions, Inc. All rights reserved. Confidential and Proprietary. -29-
Appendix D: 10-K Cash Flow(1)
(1) See complete, Consolidated
Financial Statements and Notes
related thereto within the Annual
Report on Form 10-K for the year
ended December 31, 2016.
Years Ended Years Ended December 31,
(in thousands) 2016 2015 2014
Cash flows from investing activities
Distributions from equity method investees in excess of cumulative earnings 38,250 8,651 43,584
Purchase of investment securities — — (105)
Maturity of investment securities — — 210
Maturity of investment securities, restricted 336 — 403
Acquisition of property and equipment (289) (507) (1,563)
Proceeds from sale of property and equipment 52 942 26
Advance on note receivable — (500) (500)
Acquisition of business — (2,124) —
Purchase of cost method investment — — (2,776)
Purchase of and contributions to equity method investee (223) (2,128) (6,631)
Proceeds from sale of equity method investment 1,773 — —
Net cash provided by investing activities 39,899 4,334 32,648
Cash flows from financing activities
Short-term borrowings — 13,539 —
Repayments on short-term borrowings (13,250) (1,750) —
Repayments on notes payable, related party (1,246) (1,484) (238)
Loan costs and amendment fees (751) — (70)
Debt prepayment penalty (228) — —
Proceeds received upon exercise of stock options — — 243
Repurchase of shares to satisfy tax withholdings (196) (276) (1,500)
Net cash (used in) provided by financing activities (15,671) 10,029 (1,565)
Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash 5,971 (15,506) (9,078)
Cash and Cash Equivalents and Restricted Cash, beginning of year 20,973 36,479 $ 45,557
Cash and Cash Equivalents and Restricted Cash, end of year $ 26,944 $ 20,973 $ 36,479